SB2984 96TH GENERAL ASSEMBLY

LRB096 18030 AMC 33402 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2984

Introduced 2/2/2010, by Sen. William R. Haine

SYNOPSIS AS INTRODUCED:

40 ILCS 5/7-225 new

Amends the IMRF Article of the Illinois Pension Code. Provides that, within 6 months after the adoption of any system under the Code that would permit the establishment of a multi-tier benefit program, the governing board of the Illinois Municipal Retirement Fund shall adopt a system that requires newly hired employees to be enrolled in a new benefit program substantially similar to the program adopted under the Code. Effective immediately.

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 7-225 as follows:

(40 ILCS 5/7-225 new)

Sec. 7-225. Multi-tier benefit program. Within 6 months after the adoption of any system under this Code that would permit the establishment of a multi-tier benefit program, the governing board of the Illinois Municipal Retirement Fund shall adopt a system that requires newly hired employees to be enrolled in a new benefit program substantially similar to the program adopted under this Code.

Section 99. Effective date. This Act takes effect upon becoming law.